2006 News Story

Fitch upgrades Saudi Arabia to A+

International ratings agency Fitch Ratings has upgraded Saudi Arabia’s foreign currency and local currency Issuer Default ratings from A to A+, the London-based Asharq Al-Awsat reported today. Fitch has also upgraded Saudi Arabia’s Country Ceiling rating from A to AA-.

“The upgrade is due to strengthened external and domestic balance sheets, ongoing economic and structural reforms, reflected in an accelerating pace of private sector growth, and a reduction in domestic political risk,” said Richard Fox, head of Middle East and Africa sovereign ratings at Fitch, as quoted in Asharq Al-Awsat.

Fitch rated Saudi Arabia for the first time in 2004. Credit rating company Standard & Poor’s upgraded Saudi Arabia’s long-term foreign currency credit rating from A to A+ in April 2006.